Jump to content

Keeping Track of Costs on BTL Properties


Recommended Posts

Afternoon all,

I have just started in the BTL world and recently completed on my first BTL property.

As I will now be completing my own tax returns, I recognise the requirement to keep accurate account of all costs/expenditures made for my property.

Apart from keeping all invoices/receipts etc and logging everything on a MS Excel spreadsheet (my plan at the moment), I thought I'd ask the hub how you keep track of your expenditure on your BTL properties? There is no doubt a more efficient method, but I'm keen to learn from the collective experience of the Hub.

Many thanks

Lee

Link to post

Hi Lee

I do all mine by spreadsheet, Evernote and files of paper and don't have a fancy system worth sharing. I'm interested to see what replies you get to this post.

I would recommend finding an accountant with property investment expertise and ideally one with their own BTLs. They should be able to tell you exactly what records to keep for tax purposes and how they do it.

Also, I see from your profile that you are in the North West so you should definitely make contact with Nick Stott of HOMEsure http://www.homesureproperty.co.uk. He's a Hub Plus member and always keen to share his knowledge and experience. He's also a rugby league fan. http://thepropertyhub.net/forum/user/55-nick-stott/

andy-norman.jpg
The Leeds Meetup takes place on the first Thursday of every month, find out more here
@andyn180

Link to post

Thanks Andy,

In the absence of knowing how to edit the title of my post, I'll have to hope that people don't think I've just started in the Bacon Lettuce & Tomato world as my title would suggest!

D'oh!

Link to post

I also just use excel spreadsheets and have a portable file case for paperwork etc.

I've a couple of different excel templates that I use for tracking each property, expenses, cashflow, then P&L at the end of the yera.

 

So far working well, but I know as my portfolio grows I'll be looking for a better system.

Check out my property journey here:  http://diytopropertyinvestor.co.uk/

Link to post

Thanks for the reply Kylie,

 

I'll just start by designing an Excel Spreadsheet, but if anyone has a better system, I'd be keen to hear what it is.

 

In an ideal world, I'd like an App that I can easily just select a property, and add the expense etc and be able to print off monthly/annual summaries (e.g. take the manual Excel manipulation out of it).  I may have just given myself an idea!!  Anyone know how to design Apps for smartphones?? :) 

 

Lee 

Link to post

Lee,

 

I've had similar thoughts regarding an app/software.

There is quite a bit out on the market, just that the free stuff isn't that good.

 

Check out http://www.smartpropertymanager.com/products.page

It has everything you need in terms of recording info, but no reporting unless you pay the monthly fee.

It's also a bit clunky and non-intuitive, but if you get over the learning curve it has some good features.

 

I think the best thing on the market for a reasonable cost is:  http://www.landlordvision.co.uk/

You can trial it for 30 days free.

 

I think it depends on the size of your portfolio as to whether you think it worthwhile to pay a monthly fee.

Check out my property journey here:  http://diytopropertyinvestor.co.uk/

Link to post
  • 2 weeks later...

Let me start by saying I am a HUGE Excel fan but I've started using a programme recommended by Pete Matthews from the Meaningful Money Podcast called YNAB. It's a personal finance programme but it has a small business option on it too. You can download bank statements into it via a little manipulation in Excel, it has cloud storage and an app to use as well if you wish. It was about £40 but I'm enjoying using it and finding it quite user friendly.

I think you can download a trial version before stumping up the cash but If your considering keeping tabs on your personal finances and want some software to help keep tabs on your properties too, it might be the sort of thing you are looking for. I'm in the process of buying my first BTL and have already set budgets and are tracking my expenses using it and think it looks quite promising.

Link to post

Hi, To date I have been using excel spreadsheets but I have recently come across a website that has free software where you can input all of your income & expenses and it provides graphs and shows your tax liability etc. You can also donwload an app that gives you the info on the move.

Still just getting used to it myself but it looks good. PropertyHawk,co.uk

Let me know how you get on

 

Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...